TAX REFORM THAT WILL MAKE AMERICA GREAT AGAIN

Donald Trump's web site ^

[SoFloFreeper]

The Goals Of Donald J. Trump’s Tax Plan

Too few Americans are working, too many jobs have been shipped overseas, and too many middle class families cannot make ends meet. This tax plan directly meets these challenges with four simple goals:

1. Tax relief for middle class Americans: In order to achieve the American dream, let people keep more money in their pockets and increase after-tax wages.
2. Simplify the tax code to reduce the headaches Americans face in preparing their taxes and let everyone keep more of their money.
3. Grow the American economy by discouraging corporate inversions, adding a huge number of new jobs, and making America globally competitive again.
4. Doesn’t add to our debt and deficit, which are already too large.

The Trump Tax Plan Achieves These Goals

1. If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax. That removes nearly 75 million households – over 50% – from the income tax rolls. They get a new one page form to send the IRS saying, “I win,” those who would otherwise owe income taxes will save an average of nearly $1,000 each.
2. All other Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25% – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World War II.
3. No business of any size, from a Fortune 500 to a mom and pop shop to a freelancer living job to job, will pay more than 15% of their business income in taxes. This lower rate makes corporate inversions unnecessary by making America’s tax rate one of the best in the world.
4. No family will have to pay the death tax. You earned and saved that money for your family, not the government. You paid taxes on it when you earned it.

The Trump Tax Plan Is Revenue Neutral

The Trump tax cuts are fully paid for by:

1. Reducing or eliminating most deductions and loopholes available to the very rich.
2. A one-time deemed repatriation of corporate cash held overseas at a significantly discounted 10% tax rate, followed by an end to the deferral of taxes on corporate income earned abroad.
3. Reducing or eliminating corporate loopholes that cater to special interests, as well as deductions made unnecessary or redundant by the new lower tax rate on corporations and business income. We will also phase in a reasonable cap on the deductibility of business interest expenses.

DETAILS OF DONALD J. TRUMP’S TAX PLAN

America needs a bold, simple and achievable plan based on conservative economic principles. This plan does that with needed tax relief for all Americans, especially the working poor and middle class, pro-growth tax reform for all sizes of businesses, and fiscally responsible steps to ensure this plan does not add to our enormous debt and deficit.

This plan simplifies the tax code by taking nearly 50% of current filers off the income tax rolls entirely and reducing the number of tax brackets from seven to four for everyone else. This plan also reduces or eliminates loopholes used by the very rich and special interests made unnecessary or redundant by the new lower tax rates on individuals and companies.

The Trump Tax Plan: A Simpler Tax Code For All Americans

When the income tax was first introduced, just one percent of Americans had to pay it. It was never intended as a tax most Americans would pay. The Trump plan eliminates the income tax for over 73 million households. 42 million households that currently file complex forms to determine they don’t owe any income taxes will now file a one page form saving them time, stress, uncertainty and an average of $110 in preparation costs. Over 31 million households get the same simplification and keep on average nearly $1,000 of their hard-earned money.

For those Americans who will still pay the income tax, the tax rates will go from the current seven brackets to four simpler, fairer brackets that eliminate the marriage penalty and the AMT while providing the lowest tax rate since before World War II:

Income Tax Rate	Long Term Cap Gains/ Dividends Rate	Single Filers	Married Filers	Heads of Household
0%	0%	$0 to $25,000	$0 to $50,000	$0 to $37,500
10%	0%	$25,001 to $50,000	$50,001 to $100,000	$37,501 to $75,000
20%	15%	$50,001 to $150,000	$100,001 to $300,000	$75,001 to $225,000
25%	20%	$150,001 and up	$300,001 and up	$225,001 and up

With this huge reduction in rates, many of the current exemptions and deductions will become unnecessary or redundant. Those within the 10% bracket will keep all or most of their current deductions. Those within the 20% bracket will keep more than half of their current deductions. Those within the 25% bracket will keep fewer deductions. Charitable giving and mortgage interest deductions will remain unchanged for all taxpayers.

Simplifying the tax code and cutting every American’s taxes will boost consumer spending, encourage savings and investment, and maximize economic growth.

Business Tax Reform To Encourage Jobs And Spur Economic Growth

Too many companies – from great American brands to innovative startups – are leaving America, either directly or through corporate inversions. The Democrats want to outlaw inversions, but that will never work. Companies leaving is not the disease, it is the symptom. Politicians in Washington have let America fall from the best corporate tax rate in the industrialized world in the 1980’s (thanks to Ronald Reagan) to the worst rate in the industrialized world. That is unacceptable. Under the Trump plan, America will compete with the world and win by cutting the corporate tax rate to 15%, taking our rate from one of the worst to one of the best.

This lower tax rate cannot be for big business alone; it needs to help the small businesses that are the true engine of our economy. Right now, freelancers, sole proprietors, unincorporated small businesses and pass-through entities are taxed at the high personal income tax rates. This treatment stifles small businesses. It also stifles tax reform because efforts to reduce loopholes and deductions available to the very rich and special interests end up hitting small businesses and job creators as well. The Trump plan addresses this challenge head on with a new business income tax rate within the personal income tax code that matches the 15% corporate tax rate to help these businesses, entrepreneurs and freelancers grow and prosper.

These lower rates will provide a tremendous stimulus for the economy – significant GDP growth, a huge number of new jobs and an increase in after-tax wages for workers.

The Trump Tax Plan Ends The Unfair Death Tax

The death tax punishes families for achieving the American dream. Therefore, the Trump plan eliminates the death tax.

The Trump Tax Plan Is Fiscally Responsible

The Trump tax cuts are fully paid for by:

1. Reducing or eliminating deductions and loopholes available to the very rich, starting by steepening the curve of the Personal Exemption Phaseout and the Pease Limitation on itemized deductions. The Trump plan also phases out the tax exemption on life insurance interest for high-income earners, ends the current tax treatment of carried interest for speculative partnerships that do not grow businesses or create jobs and are not risking their own capital, and reduces or eliminates other loopholes for the very rich and special interests. These reductions and eliminations will not harm the economy or hurt the middle class. Because the Trump plan introduces a new business income rate within the personal income tax code, they will not harm small businesses either.
2. A one-time deemed repatriation of corporate cash held overseas at a significantly discounted 10% tax rate. Since we are making America’s corporate tax rate globally competitive, it is only fair that corporations help make that move fiscally responsible. U.S.-owned corporations have as much as $2.5 trillion in cash sitting overseas. Some companies have been leaving cash overseas as a tax maneuver. Under this plan, they can bring their cash home and put it to work in America while benefitting from the newly-lowered corporate tax rate that is globally competitive and no longer requires parking cash overseas. Other companies have cash overseas for specific business units or activities. They can leave that cash overseas, but they will still have to pay the one-time repatriation fee.
3. An end to the deferral of taxes on corporate income earned abroad. Corporations will no longer be allowed to defer taxes on income earned abroad, but the foreign tax credit will remain in place because no company should face double taxation.
4. Reducing or eliminating some corporate loopholes that cater to special interests, as well as deductions made unnecessary or redundant by the new lower tax rate on corporations and business income. We will also phase in a reasonable cap on the deductibility of business interest expenses.

[mumblypeg]

While in the purest sense, I cannot disagree with anything you’ve said, once again, the question is what is possible, how do we turn the trajectory back toward the constitutional ideal without triggering a sudden massive economic collapse?

First we change people’s minds and nudge their habits back toward self reliance, by immediately changing/reversing certain laws, in order to begin defunding the teat-suckers, aiming for zero at a specified time in the near future.
Simply yanking the rug out from under the entire tax subsidized economy at once—and attempting to rewind the clock back to 1776 all at once— may sound idealistic to you, but it would lead to chaos, leaving this country even more vulnerable to attack than it already is.
The goal is not in dispute, really. It’s the methodology.
I hope we do get to where you want us to go, really, I do. Unlikely in my lifetime, but I agree we should start trying.

[indthkr]

Trump tax reform bump for later....

[i_robot73]

>
While in the purest sense, I cannot disagree with anything you’ve said, once again, the question is what is possible, how do we turn the trajectory back toward the constitutional ideal without triggering a sudden massive economic collapse?
>

Possible? Like a definition: we ARE...or we AREN’T. We ARE what we never SHOULD have been. The ‘possible’ has been all from the Left. Why is no the ‘possible’ from the Right? Do We *not* have the means to correct?? If not, is it only because We allow those w/out the WILL to be elected because...’The Party’?

Which is worse? The Constitutional trashing that affects all of We the People? or the (possibly\short-term) economics that (may) trouble some/most/all?

Just how much ‘good’, over the last 100+yrs of Socialism conquest, will be ‘lost’ to a restoration of our Republic? Is it not the fall-back cry of the Left, “the Right wants to bring back XYZ!”? The Right doesn’t have the 2 brain-cells to rub together to counter, “No. We wish to abolish the plantation and slavery of the Left and restore the Rights to ALL.”

>
First we change people’s minds and nudge their habits back toward self reliance, by immediately changing/reversing certain laws, in order to begin defunding the teat-suckers, aiming for zero at a specified time in the near future.
Simply yanking the rug out from under the entire tax subsidized economy at once—and attempting to rewind the clock back to 1776 all at once— may sound idealistic to you, but it would lead to chaos, leaving this country even more vulnerable to attack than it already is.
>

Our Constitution does not rely upon the ‘minds of the people’....unless We wish to abolish and re-form govt. IMO, it’s akin to acknowledging that 50.1% wish to restore indentured servitude then, by golly, the law is the Law (as some here will argue re: SS\MediXYZ and the like. It’s their ox getting gored].

We know we all aren’t discussing some ‘unknown-yank’ here. As any industrious entity is able, with sufficient lead-time, best brace themselves for that which will come (biz\people do it EVERY year w/ EVERY ‘tweak’ to the tax code).

It is exactly the teat-suckers that will be left to make it on their own for their choices....as they should have from the beginning. Those that cannot/will-not will only be a burden upon themselves once more.

>
The goal is not in dispute, really. It’s the methodology.
I hope we do get to where you want us to go, really, I do. Unlikely in my lifetime, but I agree we should start trying.
>

I would hope the ‘what *I* want to go’ is shared among the masses (more so here). And, yes, we should be trying...starting Jan 20th; as I hope a Pres Trump steam-rolls over the whole of Congress and their opposition to ‘change’ back to Freedom and our Republic.

For the life of me, I cannot understand why the message and grasp of “No one owns the property of another, be that outside of govt, let alone by force of govt”.

The paraphrase Thomas Sowell: How much of one’s life is owned by another?

[mumblypeg]

“...starting Jan 20th as I hope a Pres Trump steam-rolls over the whole of Congress and their opposition to ‘change’ back to Freedom and our Republic.”

Hahahahaha. You are one funny guy.
SMH.
Let’s see, you originally started off by attacking Trumps tax plan, complaining that it comes nowhere close to your vision. and you attacked me for essentially **supporting** Trump’s plan while I also suggested additional “tweaks” (which most people would consider pretty brutal) to phase out entitlements, balance the budget, and begin returning control of private property to the people.
But you insist that beginnings and possibles are unacceptable; all or nothing, right now, Patriot!
Then (and I must wonder if you are being **intentionally** ironic) you conclude by projecting your hope —your assumption, really— that, beginning on Jan 20, Trump will, all by his lonesome self, will not tweak but toss out his own tax plan (maybe he was lying to get himself elected? and maybe you’re ok with that?) and he will instead wave his magic scepter and take us all back to the original Constitutional Republic-— doing away with ALL current taxation, bureaucracy, and government, ANY further debate and all current congressional and judicial procedures, in one swell foop, perhaps by Jan 21—? And you hope he’ll violate the Constitutional separation of powers to do so.
Whoa.

Let me try another tack.
Trump builds skyscrapers.
I think he understands that you build from the bottom up, and you dismantle from the top down——but carefully and methodically, with an understanding of where the greatest stress loads are, lest you bring the entire edifice down upon thine own and everyone else’s head, which tends to be counterproductive.

[i_robot73]

>
Let’s see, you originally started off by attacking Trumps tax plan, complaining that it comes nowhere close to your vision.
>

Wait, *my* vision? I thought we all here were Constitution stalwarts, some called (C), some (R), some (L).

Of the plans I have read/seen from the Trump camp, the ‘tax plan’ is, IMO, the furthest from base: A1S8.

Where would I *NOT* attack it on those grounds?

>
and you attacked me for essentially **supporting** Trump’s plan while I also suggested additional “tweaks” (which most people would consider pretty brutal) to phase out entitlements, balance the budget, and begin returning control of private property to the people.
But you insist that beginnings and possibles are unacceptable; all or nothing, right now, Patriot!
>

No, FRiend, I never attacked anyone here. I, like you and anyone else, laid out a (better, IMO) plan of ideas and their reasons. We both, I hope, get to the same end....mine was only quicker (either follow the Constitution...or don’t).

We’ve seen how well the ‘slow and steady’ work re: budget; back-loaded @ 20 yrs. while building up the front-end.

As if one Congress can constrain the next. There, sir, is where the problem lies in Trump\your plan(s). The head *must* be cut-off, decisively and immediately.

>
Then (and I must wonder if you are being **intentionally** ironic) you conclude by projecting your hope —your assumption, really— that, beginning on Jan 20, Trump will, all by his lonesome self, will not tweak but toss out his own tax plan
>

Yes, hope. It’s the best I have w/ what’s provided.

>
(maybe he was lying to get himself elected? and maybe you’re ok with that?)
>

I don’t see DT as a ‘politician’; no trust there as far as one could throw ‘em. A biz man, yes, and one I’d (again) *hope* that notes his biz (and possible as Pres.) is only as good as his word.

So, no, I’d not be ‘OK’ with that, but willing to give the benefit of the doubt, until shown otherwise.

>
and he will instead wave his magic scepter and take us all back to the original Constitutional Republic-— doing away with ALL current taxation, bureaucracy, and government, ANY further debate and all current congressional and judicial procedures, in one swell foop, perhaps by Jan 21—?
>

Again, one can hope.

>
And you hope he’ll violate the Constitutional separation of powers to do so.
Whoa.
>

‘Constitutional separation of powers’....when did we last have a SEMBLANCE of those? We have a govt that doesn’t reference\adhere\consult\follow the Constitution (aside from giving lip service during election years, or in front of the masses\TV\floor) as it is!

But, to restore the Republic by fiat..I’m to look at gift horse in the mouth (presuming it ever were to happen)??

>
Let me try another tack.
Trump builds skyscrapers.
I think he understands that you build from the bottom up, and you dismantle from the top down——but carefully and methodically, with an understanding of where the greatest stress loads are, lest you bring the entire edifice down upon thine own and everyone else’s head, which tends to be counterproductive.
>

Or one systematically and precisely remove said supports and it harmlessly falls in upon itself (ala controlled demolition).

Guess it all depends on how ‘methodical’, and thus time-consuming, you wish to bring it to the ground...

Myself, I’d rather have my Rights, Freedoms and Liberty restored tomorrow, not some ‘possible’ time in the future.

[eyeamok]

There is a MUCH Easier to FIX the IRS Tax Code:

Executive Order:

Any Licensed Attorney or Certified Public Accountant that assists ANY Public Servant with their Personal Income Taxes in ANY WAY,
Shall be Subject to IMMEDIATE and PERMANENT REVOCATION of Any and All Occupational Licenses.
This Order shall be enforced by the Internal Revenue Service and ALL Tax Returns for All Public Servants shall be AUDITED ANNUALLY, and Shall have Top Priority over all other cases.

Watch Congress fix the Tax Code overnight